And the follow through continued in the U.S. Dow futures were already pointing to a loss of about 200 points when at 8:30 AM we got (yet) another disappointing initial claims report. Later at 10:00AM, we did actually get a surprisingly good reading from the FHFA home price index, but nobody cared.

Markets trashed everything and everyone all day. Stocks got clobbered (never mounting anything resembling a comeback), commodities got destroyed, gold got smashed, oil fell below $80, and the Swiss Franc continued to cede its supersafehaven status. Only the yen, the dollar, and US Treasuries (where yields continue to plumb fresh lows) turned in positive/respective showings. BTW: If gold investors are bummed about the 4% decline today, silver investors, who lost over 8% should be annoyed.